Kyocera Corporation’s (Kyocera) FY 2009 sales declined y-o-y due to weak global economic conditions. This was further compounded by continued appreciation of the Japanese yen against the US dollar and the Euro. Going forward, the company expects a y-o-y decline in FY 2010 sales as Kyocera expects an economic recovery over the long term. Moreover, we also expect the yen to further appreciate against the US dollar over our 6-12 months investment…

According to the latest available data, the Japanese economy declined 12.7% y-o-y in 4Q 08 and is expected to decline further, going forward. Kyocera’s performance is significantly associated with the sale of digital consumer equipment in Japan and exports to countries such as the US, Europe and China. With recessionary conditions in these economies, we expect a significant decline in consumer spending, leading to…

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Kyocera Corporation’s (Kyocera) 1H 09 revenues were below our and market expectations. The current global economic downturn, particularly in the US, has lead to significantly lower investment plans of the company’s key customers over the medium term. In order to reflect slowing end-markets, Management has significantly revised its FY 2009 guidance, which will lead to poor future financial growth prospects of the company in…